𝗠𝗲𝗮𝘀𝘂𝗿𝗶𝗻𝗴 𝘁𝗵𝗲 𝗨𝗻𝗸𝗻𝗼𝘄𝗻
Updated: Oct 14
Caves are often depicted as dangerous places in stories.
Despite the risks, mythical heroes bravely face potential risks in their quest for hidden treasure.
Likewise, a startup's journey is filled with uncertainty, the future remains unclear as we search for success.
We strive to make the best decisions as we navigate through uncertainty. But how do we move forward when there is so much unknown? Let's explore!
Embrace uncertainty. Even the boldest person may be afraid at times.
“Courage is mastery of fear,
not absence of fear."
- Mark Train
Face fears by applying a growth mindset. Despite the challenges and results, many situations can offer you valuable learning.
When Brian Chesky, CEO of Airbnb, faced the public destruction of a host's property, he offered damage coverage to everyone, even retroactively. By directly addressing this disaster, he ultimately strengthened customers' trust.
Determine success. Amazon initially started selling books and later expanded to include almost every product. While consumer growth was the initial focus, profitability became crucial as the company matured.
Amazon developed robust internal systems to manage its rapid growth and create efficiency. In 2006, their internal web services (AWS) was spun out as a separate entity. By 2021, AWS accounted for 74% of Amazon's profit.*
Install metrics. To capture useful data, consider which metrics are important to your business and how to measure them.
Starting with measurement in mind improves the collection of valuable data and identifies any required research and data analytics tools.
HubSpot began in 2006 as one of several small competitors to Salesforce. By closely monitoring CAC, CLV, and MRR, they focused on adding features most beneficial to customers. In 2022, HubSpot reported $1.2B in revenues.
Prompt learning. Encourage people to predict expected results and impact on the business. The exercise of prediction builds mental muscles. By asking for predictions, you emphasize optimization from the beginning.
Once you have sufficient baseline data, further feedback promotes smarter investments, more accurate predictions, and better positive outcomes.
Share findings. I know many leaders who hesitate to announce the results unless the findings are highly positive. However, this is a mistake.
Most people respond to vulnerability with a willingness to help. Startup teams are there to solve problems.
By sharing your results, you encourage constructive feedback that can lead to impressive improvement and innovation.
Whether facing a new cave or building a new company, embrace the uncertainty, measure results, encourage learning, and seek feedback. You may find the treasure you're seeking.
Photo by JC Gellidon who can be found here.
* The article “AWS: Powering the Internet and Amazon’s Profits” can be found here.
Our latest newsletter includes posts on Silence is Deadly (Receiving Feedback) and You’re Doing Fine.
𝗦𝗰𝗮𝗹𝗲: 𝗥𝗲𝗮𝗰𝗵 𝗬𝗼𝘂𝗿 𝗣𝗲𝗮𝗸 is a 500-page handbook with over 130 articles that ascend into topics like leadership, growth, sales, marketing, operations, finance, and teams.
In five minutes, learn the best methods and practical solutions to reach your dreams.